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chpt5 - SO1Chapter 5 Merchandising Operations Identify the...

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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . The operation cycle of a merchandising company is ordinarily ____ than that of a service company. Answer: Longer
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . The computer has increased greatly the use of the ____ inventory system. Answer: perpetual
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . Retailer, wholesaler, merchandising company are all considered a ____ operation. Answer: Merchandising
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . ____ equals the difference between net sales revenues and cost of goods sold. Answer: Gross Profit
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . Net income will result if gross profit exceeds _______. Answer: operating expenses
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . The primary source of revenue for a wholesaler is the sale of ____. Answer: merchandise
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . Generally the revenue account for a merchandising enterprise is called _____. Answer: Sales Revenue or Sales
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . Merchandising companies that sell to retailers are known as ____. Answer: wholesalers
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SO1—Chapter 5 Merchandising Operations Identify the differences between a service enterprise and a merchandising company . A merchandiser that sells directly to consumers is a _____. Answer: retailer
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SO2—Chapter 5 Merchandising Operations Explain the recording of purchases under a perpetual inventory system. ____ minus cost of goods sold is called gross profit. Answer: Net Sales
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SO2—Chapter 5 Merchandising Operations Explain the recording of purchases under a perpetual inventory system. A ___ inventory system would most likely be used by an automobile dealership or fur shop. Answer: perpetual
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SO2—Chapter 5 Merchandising Operations Explain the recording of purchases under a perpetual inventory system. ___ inventory systems require more detailed inventory records. Answer: Perpetual
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SO2—Chapter 5 Merchandising Operations Explain the recording of purchases under a perpetual inventory system. In a ___ inventory system, cost of goods sold is recorded each time a sale occurs.
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